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I can't support this. It could be renamed, but I've never, never, dreamt that it was anything else than a counter than can be reset. In using ACM, it can reset the counter, so this product alone means that it's working as designed. Why would you need to know how many work orders have been/ Just run a SQL query or add a tab to show this information.
I'd say the PM counter is purely for the MOD function to divide the PM counter with a job plan sequence. Like you said, since it can reset... no point in really saying it counts the number of work orders generated.
From: http://www.ibm.com/support/knowledgecenter/SSLL9G_7.1.2/com.ibm.oil.doc_7.1.2/pm/c_pm_counter.html
Preventive maintenance counters
The preventive maintenance (PM) counter specifies the number of work orders that were generated from a PM since the first start date.
You can view the current counter setting on the PM tab. The counter is set to zero when you insert a new PM record. It increases each time you generate a top-level work order from the PM. Child work orders do not increase the counter value on the top-level PM.
When you generate a work order from a PM with a job plan sequence, the job plan with the highest sequence number that divides evenly into the value in the Counter field is selected. If no sequence number meets this criterion, the primary job plan (sequence number one) is used.
You can change the value of the PM counter, typically if you want the PM to use a different job plan than the one that is scheduled to be next.